Ecolab ranks 28th out of 100 companies on the global list, the release stated.

"Our purpose — to make the world cleaner, safer and healthier, everywhere it matters — drives our commitment to innovation," said Douglas M. Baker, chairman of the board, president and chief executive officer (CEO) of Ecolab.

"Our customers want new products and programs that provide superior results along with water, energy, waste and labor savings. We remain focused on continuing to lead innovation in our industry and finding new and better ways to effectively deliver solutions to our customers," Baker added.

According to the release, rankings are based on an assessment of each company''s "innovation premium," which measures the premium the stock market gives a company for anticipated or expected innovation.

Ecolab invests approximately $90 million annually in research, development and engineering and holds more than 3,700 patents globally, the release noted.